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Date: Thu, 17 Jul 2025 09:05:20 +0000
From: Peter Todd <pete@petertodd.org>
To: James O'Beirne <james.obeirne@gmail.com>
Cc: Antoine Poinsot <darosior@protonmail.com>,
Greg Sanders <gsanders87@gmail.com>,
Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
Subject: Re: [bitcoindev] A Taproot-native (re-)bindable transaction bundle proposal
Message-ID: <aHi80KYQB7ZnUiVl@petertodd.org>
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On Fri, Jul 11, 2025 at 06:59:18PM -0400, James O'Beirne wrote:
> Hi Antoine,
>
> > You state that between 0.1% and 0.75% of all bitcoins in existence are
> > held in P2TR outputs, and use this figure to conclude the
> > "overwhelming majority of **value transfer** in bitcoin is still
> > happening in a pre-Taproot script context".
>
> I think you might have misparsed my email; I wasn't using one
> observation to justify the other.
>
> I ran a script[0] to tally the value of newly created outputs by address
> type, and the node tells me that 93.5% of all output-value created over
> the last three months is non-P2TR.
The total output value created that is non-P2TR is irrelevant here: all those
outputs are being created by existing production systems. Obviously, they have
no reason to rush to implementing taproot. Heck, as I just mentioned elsewhere,
even P2PKH addresses are *still* fairly commonly used even though there are
significant fee savings to upgrading. People just don't like upgrading existing
- working - code unless there is a really good reason.
What we're discussing here is a new scripting feature, that inevitably are only
useful for brand new code. There are no sigificant obstacles to new code making
use of taproot.
ACK new opcodes being taproot only.
--
https://petertodd.org 'peter'[:-1]@petertodd.org
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